A Biden appointee to the Federal Reserve has become the third major Democratic figure to be under investigation over accusations of playing fast and loose with the truth when it comes to mortgage documents.
Lisa Cook, named to the Fed’s Board of Governors in 2021 by then-President Joe Biden, was accused of mortgage fraud Wednesday in a blistering social media post and criminal referral published by Federal Housing Finance Agency Director William Pulte.
And President Donald Trump wants her gone.
“Cook must resign now,” Trump wrote in a post published to the Truth Social social media platform about 8:30 a.m. Wednesday, less than two hours after Pulte went public.
Pulte’s post, published to the social media platform X about 6:20 a.m., alleged Cook had committed “mortgage fraud” by claiming both a Michigan home and a condo in Atlanta as her “primary residence.”
As the Reuters news agency noted, loans for primary residences “can carry easier terms than those for second homes or investment properties.”
Democratic Sen. Adam Schiff, a former congressman who spent years lying to the American people about how proof of Trump’s “collusion” with Russia was in “plain sight,” is under investigation for potential mortgage fraud.
Schiff apparently listed two homes as “primary residences” — which would be quite a trick, since one is in Maryland and the other is in California.
(And, despite Schiff’s claims, most Americans might remember that after years of investigation and tens of millions of taxpayer dollars spent, special counsel Robert Mueller found no evidence of Trump-Russia collusion.)
New York state Attorney General Letitia James, meanwhile, made a national name for herself by hounding Trump in civil court over allegedly inflating the value of property he owned to hoodwink the kind of naive, trusting, wet-behind-the-ears New York City bankers who are involved in high-finance loans.
She is accused of claiming a property she was purchasing in Norfolk, Virginia, would be her “primary residence.” James is obligated by state law to live in the state of New York while she holds her office.
And now it’s apparently Federal Reserve Governor Lisa Cook’s turn.
Speaking to CNBC, according to NBC News, Pulte said, “It doesn’t matter whether you’re Fed Governor Cook or Joe Blow on the street, if you commit mortgage fraud, we are going to report it.”
Should Lisa Cook resign?
On social media, Pulte didn’t pull any punches, either. In one post, he included an image of the FHFA criminal referral to Attorney General Pam Bondi.
In another, he laid out his line of attack. The wording might sound familiar to Americans who heard Democrats — including Schiff and James — defending years of lawfare against Trump with the argument that “no one is above the law.”
U.S. Federal Housing FHFA, alleges in a Criminal Referral to the Department of Justice that Federal Reserve Governor, Lisa D. Cook, committed mortgage fraud by designating her out of state condo as her primary residence, just two weeks after taking a loan on her Michigan home… pic.twitter.com/3hlknQ4yzF
— Pulte (@pulte) August 20, 2025
“U.S. Federal Housing FHFA, alleges in a Criminal Referral to the Department of Justice that Federal Reserve Governor, Lisa D. Cook, committed mortgage fraud by designating her out of state condo as her primary residence, just two weeks after taking a loan on her Michigan home where she also declared it as her primary residence,” Pulte wrote.
“When someone commits mortgage fraud, they undermine the faith and integrity of our System.
“It does not matter who you are – no one is above the law.”
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